6‑35 Monitoring for unusual transactions

6‑35 Monitoring for unusual transactions and behaviours

For the purposes of paragraph 30(3)(b) of the Act, a reporting entity is taken to comply with the matter mentioned in paragraph 30(2)(a) of the Act if: (a) the reporting entity monitors its customers in relation to the provision of its designated services for unusual transactions and behaviours that may give rise to a suspicious matter reporting obligation because of the operation of paragraphs 41(1)(d) to (j) of the Act (other than subparagraph 41(1)(f)(iii)); and (b) the reporting entity monitors its customers in relation to the provision of its designated services for unusual transactions and behaviours that may give rise to a suspicious matter reporting obligation because of the operation of subparagraph 41(1)(f)(iii) of the Act in relation to an offence against the Act, the regulations, or a law of the Commonwealth or of a State or Territory of any of the following kinds: (i) money laundering; (ii) financing of terrorism; (iii) proliferation financing; (iiia) offences relating to the breach of sanctions; (iv) participation in organised crime or racketeering; (v) terrorism; (va) offences involving prohibited hate groups; (vi) human trafficking or people smuggling; (vii) sexual exploitation (including exploitation of children); (viii) trafficking of illicit substances; (ix) arms trafficking; (x) other goods trafficking (including stolen goods); (xi) corruption; (xii) bribery; (xiii) counterfeiting currency; (xiv) fraud (including identity theft and scams); (xv) counterfeiting or piracy of products; (xvi) crimes relating to taxation; (xvii) extortion; (xviii) forgery; (xix) piracy; (xx) insider trading and market manipulation; (xxi) environmental crime; (xxii) robbery or theft; (xxiii) kidnapping, illegal restraint or taking hostages; (xxiv) smuggling (including offences in relation to customs and excise); (xxv) murder or grievous bodily harm; (xxvi) cybercrime; (xxvii) any other kind of offence that the reporting entity has identified in its AML/CTF program as presenting a high risk in relation to the occurrence of money laundering.

Note: Subparagraph 41(1)(f)(iii) of the Act refers to the reporting entity suspecting on reasonable grounds that information it has may be relevant to investigation of, or prosecution of a person for, an offence against a law of the Commonwealth or of a State or Territory.